Many new businesses work in a short-term, reactive way. Are you reviewing costs frequently? Are you keeping a close enough eye on your direct costs, your overheads and your assets? Are there different ways of doing things or new materials you could use that would lower your costs? Consider ways in which you can negotiate better deals with your suppliers.Īnswering these questions will give you the basis on which to improve performance and profitability.Look for "quick wins" that give you the breathing space to make more fundamental improvements. What's really behind the problems of a product or service? Consider areas such as pricing, marketing, sales and after-sales service, design, packaging and systems during your review.Which of your products and services are succeeding? Which aren't performing as planned? Decide which products and services offer both a high percentage of sales and high profit margins.
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See the page in this guide on how to conduct a customer and market analysis. How effectively are you matching your goods and services to your customers' needs? If you're not quite sure what those needs are, you could carry out further market or customer analysis.Key questions about your products or services Ask yourself what makes them successful, how they could be improved and whether you could launch new or complementary products or services. Assess your core activitiesĪ good starting point for your review is to evaluate what you actually do - your core activities, the products that you make, or services that you provide.
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It's doubtful whether you will be able to answer these questions on your own - involving your professional advisers, your fellow directors and your senior staff will all help to make your review more effective. How am I measuring success? Remember, measures of performance may change as your business matures.What business environment am I competing in? What external factors may affect the business' ability to compete?.What resources do I require to succeed? What skills, assets, finance, relationships, technical competence and facilities do I need to compete? Have these changed since I started?.How do I gain market advantage? How can the business perform better than the competition in my chosen markets?.What are my markets - now and in the future? Which markets should I compete in, how will they change and what does the business need in order to be involved in these sectors?.
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